FDM Group

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FDM Group
Public
Traded asLSEFDM
IndustryIT Services
FoundedBrighton, 1991 (1991)
Headquarters,
United Kingdom
Key people
Ivan Martin (Chairman)
Rod Flavell (CEO)
Revenue£244.9 million (2018)[1]
£48.3 million (2018)[1]
£37.1 million (2018)[1]
Number of employees
3,855 (2017)[2]
Websitewww.fdmgroup.com

FDM Group is an international Professional services company headquartered in London, United Kingdom with offices in Leeds, Glasgow, Brighton, New York City, Toronto, Reston, Frankfurt, Hong Kong, Singapore, Australia and China . It is composed mostly of recent university graduates, returners to work and ex-military personnel, who are trained in the FDM Group academies before working as consultants for one of FDM Group’s clients, primarily financial institutions and banks around the world. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History[edit]

The company was founded in Brighton by Rod Flavell and Julian and Jacqueline Divett in 1991. The company focused on IT recruitment until acquiring Mountfield Software in 1995. In 1998 the name changed to FDM Group to reflect this acquisition and the company began hiring, training and placing their own Consultants on-site with their clients.[3]

In April 2005, FDM Group floated on the Alternative Investment Market, raising £3m net for the company.[4] By 2010, the company completed a management buyout to once again bring the company private.[5] In June 2014, FDM again had a flotation, this time valued at £308m on the London Stock Exchange. FDM Group remains publicly traded on the London Stock Exchange today.[6]

In 2015, the company opened new offices in the city centres of Leeds[7] and Glasgow.[8]

Training and initiatives[edit]

FDM Group’s model involves recruiting recent university graduates, returners to work and ex-forces to turn into consultants for their clients. Individuals go through 6–14 weeks of unpaid training in one of FDM Group’s academy facilities before signing a two-year contract with the company to work as a consultant. As consultants, the employees work on the site of their clients which include mostly the banking and finance industry.[9]

FDM Group has a Women in IT initiative focused on hiring and inspiring women to pursue jobs in STEM fields. As part of their efforts, they have sponsored the 2013, 2014, 2015 and 2016 everywoman in Technology Awards in London.[10][11]

FDM Group also has an ex-forces initiative, which began in their New York academy as the Veterans Initiative. Through this, they have partnered with the British Forces Resettlement Services[12] and signed the Ministry of Defence Armed Forces Corporate Covenant[13] as well as a US Army Memorandum of Agreement with the Army PaYS Programme.[14] In New York, FDM Group has sponsored the Wall Street Rocks charity concert[15] and marched in the Veterans Day Parade to further support the cause of helping veterans find jobs.[16]

US Training Academies[edit]

FDM Group has two academies located in the United States; one academy in New York, opened in 2011 located at 14 Wall Street, New York, New York, 10005.[17] In 2016, FDM Group opened a training center in Virginia, located at 1805 Library Street, Reston, VA, 20190.[18]

Controversies[edit]

In February 2016, a class action lawsuit was filed in the United States District Court of Southern New York by Grace Park against FDM Group Holdings PLC and FDM Group, Inc., alleging state wage violations under the US Fair Labor Standards Act (FLSA).[19]

In March 2017, the United States District Court of Southern New York found in favor of FDM Group's motion for dismissal, finding that FDM Group correctly classified academy trainees as non-employees, and therefore, are not entitled to compensation. The Court also found that the termination fee stipulated in the Training Agreement signed by Park ($30,000) did not constitute a "kickback", and that Park failed to provide sufficient details regarding unpaid work.[20]

In April 2017, Park filed an appeal with the 2nd Circuit Court of Appeals, Park v. FDM Group, Inc., case number 17-1030.[21]

References[edit]

  1. ^ a b c "Annual Results 2018". FDM Group. Retrieved 17 March 2019.
  2. ^ "FDM Group". City Wire. Retrieved 17 March 2019.
  3. ^ "FDM". Complete University Guide. Retrieved 2 June 2017.
  4. ^ "FDM Group". Money and Business. 2 October 2005. Retrieved 2 June 2015.
  5. ^ "How to buy back your business". Real Business. 9 October 2011. Retrieved 2 June 2015.
  6. ^ "FDM GROUP HLDG share price (FDM)". London Stock Exchange. 20 June 2014. Retrieved 2 June 2017.
  7. ^ Hello (2 September 2015). "Major IT firm provides jobs boost for Leeds". Yorkshire Evening Post. Retrieved 2 June 2017.
  8. ^ Scott Wright Deputy Business Editor (26 September 2015). "FDM is latest to sign up at 1 West Regent Street (From HeraldScotland)". Heraldscotland.com. Retrieved 2 June 2017.CS1 maint: Extra text: authors list (link)
  9. ^ "Computing & IT Careers". FDM Group. Retrieved 2 June 2017.
  10. ^ Kayleigh Bateman (20 March 2015). "Winners of the 2015 FDM everywoman in Technology Awards announced". Computerweekly.com. Retrieved 2 June 2017.
  11. ^ Start time:  6:45PM (23 February 2016). "2016 FDM everywoman in Technology Awards". Everywoman. Retrieved 2 June 2017.
  12. ^ "FDM Group Ltd | Company Profile | Forces Resettlement Service". Bfrss.org.uk. Retrieved 2 June 2017.
  13. ^ "Businesses who have signed the Armed Forces Covenant (company names beginning with E)". GOV.UK. Retrieved 2 June 2017.
  14. ^ "PaYS Newsletter". Armypays.com. Retrieved 2 June 2017.
  15. ^ "Wall Streeters Trade Pinstripes for Chords". New York Times. 12 July 2012. Retrieved 2 June 2017.
  16. ^ "FDM Marches America's Parade - Veterans Day 2013". YouTube. 30 January 2014. Retrieved 2 June 2017.
  17. ^ "FDM History - FDM Group". FDM Group. Retrieved 24 August 2017.
  18. ^ "FDM Group Opens New Training Center in Reston, VA - FDM Group". FDM Group. 15 June 2016. Retrieved 24 August 2017.
  19. ^ "Park V. Fdm Group Inc Et Al - S-D-NY". www.open-public-records.com. Retrieved 24 August 2017.
  20. ^ "Park v. FDM Group Inc. et al, No. 1:2016cv01520 - Document 54 (S.D.N.Y. 2017)". Justia Law. Retrieved 24 August 2017.
  21. ^ "Park v. FDM Group, Inc". Justia Dockets & Filings. Retrieved 24 August 2017.

External links[edit]